Section 26A of the Income Tax Act mandates that the taxable capital gain must be included in a
person’s taxable income for the relevant year of assessment. To determine the taxable capital gain,
it is essential to ensure that all four key elements are present. The issue of residency and the
application of the Eighth Schedule are critical in this process.
Definition of Assets:
According to Paragraph 1 of the Eighth Schedule, an asset includes property of any nature,
whether movable or immovable, corporeal or incorporeal, excluding currency but including coins
made mainly of gold or platinum. In this scenario, the following qualify as assets:
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